I dunno whether it was an obvious position to take at the time, but he seems to have been bang on here,
As sino-pacific boom and automatized global economic integration crashes the neocolonial world system, the metropolis is forced to re-endogenize its crisis. Hyper-fluid capital deterritorializing to the planetary level divests the first world of geographic privilege; resulting in Euro-American neo-mercantilist panic reactions, welfare state deterioration, cancerizing enclaves of domestic underdevelopment, political collapse, and the release of cultural toxins that speed-up the process of disintegration in a vicious circle.